KARACHI: The yellow metal continued to shine in the world market, pushing domestic 10-gram and one-tola rates to a new all-time high of Rs423,235 and Rs493,662 on Tuesday, up by Rs3,686 and Rs4,300, respectively.

According to the rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) based on interbank exchange rates, the world gold market has surged by $43 per ounce to $4,713.

As per Reuters, gold climbed to a fresh record high as escalating geopolitical tensions boosted safe-haven demand. Gold, seen as a safe store of value during economic and political instability, soared 64pc in 2025 and has added another 10pc since the start of the year. The metal’s rally has also been supported by expectations of US interest rate cuts, which reduce the opportunity cost of holding non-yielding bullion.

APSGJA President Qasim Shikarpuri said that investors have intensified their purchases of gold worldwide, including in Pakistan, since US President Donald Trump announced tariffs on European countries.

He said gold jewellery buying in the country continues to get weaker with every fresh increase in local rates. “Families come to the shops for gold, polishing their silver jewellery for their daughters’ wedding instead of purchasing pure gold jewellery,” he said.

Qasim claimed that gold in Pakistan is selling below cost by Rs30,000 per tola compared to Dubai rates.

Published in Dawn, January 21st, 2026